MIRA
INFORM REPORT
|
Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHEMICAL PROCESS PIPING PRIVATE LIMITED |
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Formerly Known As : |
CPE PIPES PRIVATE LIMITED |
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Registered Office : |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.10.2004 |
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Com. Reg. No.: |
11-149230 |
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CIN No.: [Company
Identification No.] |
U25206MH2004PTC149230 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC13766E |
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PAN No.: [Permanent
Account No.] |
AACCC6212D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Glass Fibre Reinforced Plastic Piping |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vijay Dhulap |
|
Designation : |
Accounts Manager |
|
Date : |
03.10.2008 |
LOCATIONS
|
Registered Office/ Factory : |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, Maharashtra, India |
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Tel. No.: |
91-22-55978141/ 45/ 67230600-616 |
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Fax No.: |
91-22-25562248/ 67230618 |
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E-Mail : |
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Website : |
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European Union Office : |
Steuler Industrieller
Korrosionsschutz GmbH. George – Steuler – Strasse 161 56203 Hoehr – Grenzhausen,
Germany |
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Tel. No.: |
49-2624-13370 |
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Fax No.: |
49-2624-13289 |
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E-Mail : |
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Asian Office : |
BSR Technologies
Pte. Limited, Blk 726, Yishun Street 71, # 05-63, Singapore – 760726 |
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Tel. No.: |
65-97849751 |
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Fax No.: |
65-65125485 |
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E-Mail : |
sureshsrinivsasan@bsrtec.com |
DIRECTORS
|
Name : |
Mr. Vijay Bagh Singh Rajpurohit |
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Designation : |
Managing Director |
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Address : |
B-1, Runwal Park, Chembur Naka, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
06.08.1965 |
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Date of Appointment : |
11.07.2005 |
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Name : |
Mr. Ashwin Singh Rajpurohit |
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Designation : |
Director |
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Address : |
B-1, Runwal Park, Chembur Naka, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
04.05.1964 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Hasmukhray Ratilal Gandhi |
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Designation : |
Director |
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Address : |
602, Neelkanth Tower, 206 Garodia Nagar, Ghatkopar (East), Mumbai –
400077, Maharashtra, India |
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Date of Birth/Age : |
11.03.1941 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Bagh Singh Rajpurohit |
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Designation : |
Director |
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Address : |
B-1, Runwal Park, Chembur Naka, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
01.09.1936 |
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Date of Appointment : |
11.07.2005 |
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Name : |
Mr. Subbaraman A. Melarkode |
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Designation : |
Director |
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Address : |
B-4, Usha Vihar, G. V. S. Road, No.3, Mumlund East, Mumbai – 400081,
Maharashtra, India |
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Date of Birth/Age : |
15.02.1945 |
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Date of Appointment : |
11.07.2005 |
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Name : |
Mr. Vardi Chand Rajpurohit |
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Designation : |
Director |
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Address : |
3/27, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
01.10.1941 |
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Date of Appointment : |
11.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 16.10.2004)
|
Names of Shareholders |
|
No. of Shares |
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|
Ashwin Singh Rajpurohit |
|
6000 |
|
Chemical Process Equipments Private Limited |
|
4000 |
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Total |
|
10000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Glass Fibre Reinforced Plastic Piping |
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Products : |
And dual laminate using the following thermoplastic :
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Exports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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Bankers : |
Corporate Financial Services Branch, Mumbai Samachar Marg, Fort,
Mumbai – 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gupta Verma and Associates Chartered Accountant |
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Address : |
A-103, Rajshri Accord, Telly Gully Cross Lane, Andheri (East), Mumbai
– 400059, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
990000 |
Equity Shares |
Rs.10/- each |
Rs.9.900
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
9.900 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.505 |
0.704 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
35.405 |
0.804 |
0.100 |
|
|
LOAN FUNDS |
|
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|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
9.900 |
9.642 |
0.000 |
|
|
TOTAL BORROWING |
9.900 |
9.642 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
45.305 |
10.446 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.630 |
12.386 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.181 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
36.692
|
10.809 |
0.000 |
|
|
Sundry Debtors |
40.896
|
10.397 |
0.000 |
|
|
Cash & Bank Balances |
2.860
|
0.525 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.142
|
3.589 |
0.096 |
|
Total
Current Assets |
101.590
|
25.320 |
0.096 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
69.988
|
25.563 |
0.010 |
|
|
Provisions |
15.117
|
1.709 |
0.000 |
|
Total
Current Liabilities |
85.105
|
27.272 |
0.010 |
|
|
Net Current Assets |
16.485
|
(1.952) |
0.086 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.009 |
0.012 |
0.014 |
|
|
|
|
|
|
|
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TOTAL |
45.305 |
10.446 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
269.726 |
37.159 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
269.726 |
37.159 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
38.028 |
2.413 |
|
Provision for Taxation |
|
13.227 |
1.709 |
|
Profit/(Loss) After Tax |
|
24.801 |
0.704 |
|
|
|
|
|
|
Total Expenditure |
|
231.698 |
34.746 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.19
|
1.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.10
|
6.49 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.20
|
6.40 |
NA |
|
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|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
1.07
|
3.00 |
NA |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
45.91 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
0.93 |
9.60 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate identity
number of the company |
U25206MH2004PTC149230 |
|
Name of the
company |
CHEMICAL PROCESS PIPING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Bank of Baroda Corporate Financial Services Branch, Mumbai Samachar Marg, Fort,
Mumbai – 400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement relating
to hypothecation and confirmation of Equitable Mortgage by deposit of title
deeds |
|
Date of
instrument Creating the charge |
12.04.2006 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Guarantee
Commission – 2% p.a. Margin – 10% |
|
Particulars of
the property charged |
Current Assets and
Immovable Properties at Baroda |
WEBSITE DETAILS:
PROFILE:
Subject is the largest company in the field of design,
manufacture and installation of FRP/GRP and Thermoplastic lined FRP piping for
the chemical industry in India. Company is a technology-driven organization
providing end-to-end solutions for FRP piping.
The customer-focused approach combined with a constant endeavor for top-class
quality has enabled to achieve and sustain leadership.
State-of-the-art CNC machines are used to manufacture the
best in class Pipes, Ducts, Headers and Stacks to sustain highly corrosive
fluids at elevated temperatures.
They have the capability to filament wind upto 4000 mm
diameter. Stress Analysis and other static calculations help to design Pipes to
withstand pressures of upto 30 bar.
The pipe design is being qualified by TUV-Suedeutschland,
Institute of Plastic in Germany after rigorous long term testing.
Company reaches its global clients with a combination of
direct selling and local Marketing offices. Their initiatives in the
international market have seen their export earnings grow consistently.
CORPORATE:
They undertook the following major initiatives to enhance
the value proposition:
- Thrust on Exports - Export revenues account for 30 % of the
Company's total revenues. Further initiatives were taken to enhance
international focus
- Talent Retention & Acquisition
- Value creation by alliances with technology partners and quality
improvement
- Developing business in select markets
- Proactive certifications from international customers, EPC
contractors and process licensors
- Introduction of products for new market segments
- Streamlining the organizational structure
COMPANY
HERITAGE
A two man unit started by Mr. B. S. Rajpurohit way back in
1964 has grown up in to a well diversified multi-product company.
Mr. B.S. Rajpurohit was born in 1938 in a small village in Rajasthan. His
father was a farmer with a modest scale of operation. Mr. Rajpurohit completed his
schooling in small towns and his B. Sc in 1958 from Jaswant College, Jodhpur.
He completed his B.Sc. (Tech.) from UDCT (now called UICT), Bombay University,
Matunga in 1960, and obtained Post Graduate Diploma in Chemical Engineering
from BATTERSEA College of Advanced Technology, London in the year 1961.
He started his career as a Senior Chemical Engineer with
M/s. Calico Chemicals & Plastics Division, Bombay. With a modest sum of
Rs.12000 Mr. Rajpurohit launched his company Chemical Plants and Services in
Mumbai in 1964 in a small workshop measuring less than 500 Sq. ft.
It is due to his pioneering effort that FRP found acceptance
in the Chemical industry in India. In 1967 the company moved into a rented
space in the nearby locality.
In the year 1970 the name of the company was changed to
Chemical Process Equipments Private Limited (CPE) and moved into its own
factory/ office premises.
Chemical Process Equipments Private Limited, popularly known
as CPE has several “first” and “best” to its credit. CPE today is the
undisputed leader in the field of Fiberglass Reinforced Plastics (FRP)
fabrication in India and is recognized as major player in the global FRP
Equipment manufacturing industry.
CPE has received many awards including the TOP EXPORTER AWARD for outstanding
export performance in FRP products from the PLEXCONCIL, sponsored by the
Ministry of Commerce, Government of India.
In the year 2005 it was decided by the management of CPE to
separate its Piping business and hence Subject was formed to cater to the fast
growing piping market in the Chemical, Water, Wastewater, Seawater
Desalination, Power and Oil industries.
The Company specializes in the
manufacture of Pipes, Fittings, Stacks , Headers, Launders and Ducting from
FRP/GRP with and without Thermoplastic lining such as PVC, CPVC,PP, PVDF
for the chemical and allied industries.
Mr. B. S. Rajpurohit is the Chairman of company and the glorious tradition set
by him is carried further by the Managing Director Mr. Vijay Rajpurohit.
ACHIEVEMENT
Designed
and Manufactured:
- PP-FRP/GRP Piping for the largest Power Supply company in Germany.
- Supplied PVC-FRP/GRP, PP-FRP/GRP and FRP/GRP (HT) Piping in a
record time of 1 month for a Chlor Alkali Membrane Cell project.
- Single largest export consignment from India of FRP/GRP piping for
Desalination project, Singapore
- Single largest export consignment from India of PP-FRP,
CPVC-FRP/GRP piping for a Chlor Alkali Membrane Cell Plant in Saudi
Arabia.
ENVIRONMENT:
HEALTH & SAFETY
They shall maintain and continually improve environment,
occupational health & safety management system by providing adequate
resources and technological up gradation.
As a responsible member of the society and caring corporate citizen, they
accord highest importance to protection of environment & health.
To achieve this we are committed to:
- Maintain clean, green, safe and healthy environment.
- Comply with current legal and other requirements pertaining to
environment, occupational health & safety.
- Be proactive and innovative in taking measures to protect
environment & health.
- Identification & elimination/reduction/control of non-tolerable
hazards pertaining to all their activities.
- Periodically monitor and review EHS performance, objectives and
targets.
- Encourage and train their personnel and suppliers for creating
awareness about the impact of their action on the EHS.
- Prevent pollution & health hazards by instituting sound EHS
practices.
- Conserve resources, recycle and reduce waste as well as minimize
hazard & risk in all process of operations.
- They shall communicate this EHS policy to employees and make it
available to public & interested parties.
INDUSTRY SERVED:
- Chlor-Alkali
- Non-Ferrous Metallurgical
- Acid regeneration
- Steel
- Power
- Oil
- Water and Wastewater
- Desalination
- Offshore
- Petrochemical
REFERENCE LIST
CPP has a list of reference in the following industries :
- Chlor-Alkali Membrane Cell
- Power
- Non-Ferrous Metallurgical
- SO2 Gas Cleaning
- Water and Waste Water
- Sea Water Desalination
INTERNATIONAL OPERATION
- Company reaches its
global clients with a combination of direct selling and local Marketing
offices.
- Their initiatives in
the international market have seen their export earnings grow
consistently.
- For the European
market, they have a marketing agreement with Steuler Industrieller GmbH in
Hohr Grenzhausen, Germany.
- A similar marketing
agreement for the Asian market is with BSR Technologies Pte. Limited in
Singapore.
- These arrangements help
to respond to their clients faster. Local Sales Representatives call on
potential clients as soon as enquiries are received.
- They have delivered
their products to USA, Canada, Chile, Italy, France, Egypt, Jordan,
Kuwait, Singapore, Thailand, Indonesia and Australia.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|